Make Haste! Don’t miss your chance to board this ambitious US superstar heading straight for all things finance.
Paul Hastings training contract review 2025
The Firm
The name Paul carries with it the great weight of influential and skilled individuals with an expectation for greatness: Paul Rudd lights up the silver screen, Paul Hollywood can bake a hot water crust pastry like no other, and St Paul knows the best spot in town for a cathedral. Suffice to say, Paul Hastings has filled those eponymous shoes as a leading heavyweight in the financial spaces of law. Training principal Jason Raeburn was more than happy to elaborate on this expertise. “We’re one of the few firms ranked at Chambers across all branches of finance,” he explains proudly; “one of the biggest strengths we have is our diversification of all these practices.” Such a keen focus on developing each of these different areas shows that variety is the spice of life for Paul-Muad’Dib Atreides- sorry, we mean Hastings.
“If they think you can handle it, you’ll get the chance to do it. There’s no babysitting here, but it’s made me ten times better as a lawyer.”
As a global firm based out of the US, PH has made a significant splash in the London legal pool with Chambers UK recognising 14 of the firm’s British-based departments. Not yet content, Raeburn tells us they only expect to continue to grow in the region: “There’s an undeniable momentum here with a clear upward trajectory in profit over the last few years.” Trainees agreed, citing the firm’s ambitious streak as a clear motivation for wanting to join PH’s ranks. “It’s growing quite quickly and in a really good direction,” one enthused. “It’s really exciting!” Another key reason that drew in trainees was the firm’s promise of added responsibility that comes with being an American transplant, as one affirmed: “If they think you can handle it, you’ll get the chance to do it. There’s no babysitting here, but it’s made me ten times better as a lawyer.”
The Seats
Of the four six-month seats on offer during a PH training contract, you’re locked into seat one without much of a say in the matter. No seats are mandatory, and the insiders on our list all had a mix of different first seats they ended up in. After that, you can express a ranking of three preferences to HR, and they’ll do their best to accommodate you – though third and fourth seaters get priority on this. In addition to your standard seat options, the firm also offers an array of competitive client secondment opportunities in lieu of a seat which are “very good opportunities to see a diverse range of work and network.”
A unique seat that PH offers is a stint with the collateralised loan obligation team. What’s that, you may ask? A CLO is a type of security that acquires assets and pulls together loans that the borrower must return over time. For example, the firm advised on the sale of Kensington Mortgage Company to Barclays Bank, including all the finer details that went into it. This includes the acquisition of a portfolio for Barclays worth approximately £2 billion. PH acts as either the arranger or manager of a CLO transaction: “It’s quite a complex industry, but once you're in it, then it starts to make sense!” one source reassured. Drafting is quite common for trainees, as are admin tasks due to the semi-predictable nature of the work. This means that the firm will often build trainees up over the six-month period to the point where they are almost running the deal themselves. It is a rather niche specialism, but one source turned to the world of cinema to sell the group in a different way: “I always compare it to the Big Short – it's in the same category of transaction. If you like that film, you’ll like CLOs.”
“I always compare it to the Big Short – it's in the same category of transaction. If you like that film, you’ll like CLOs.”
Theleveraged finance group is a sizeable component within the Paul Hastings tapestry. Trainees partake in both sponsor and lender side work for matters which range in value size. A lot of the work deals with various US-led financing, so it’s not all that surprising that “it’s a fast-paced seat working with a great amount of people.” Tasks differed, with drafting opinions, emailing clients, business development events, and client meetings on the agenda. We were especially excited to hear that you can channel your inner Kendall Roy and do successions! (“You can do successions on your own, so you can do as much as you want without guidance.”) Newbies also shared that “you’ll be asked to look at certain work streams and either take on just one aspect or the entire thing depending on your level.” With Barclays, Deutsche Bank and more on their list of retainers, this plethora of clients extends to the group’s matters as well. In recent news, the firm represented nine credit funds and two banks on a private credit financing to refinance the syndicated debt of Civica.
If you’re lucky enough to land a spot in the coveted M&A and private equity seat, you can expect to cover a swathe of deals, jumping in at practically every stage of them. Big names roll through this client list too; most recently, PH advised The Bank of London on its potential acquisition of the UK side of Silicon Valley Bank. Trainees largely cover portfolio work, looking after and preparing documents, doing corporate upkeep, and carrying out due diligence during their time in the seat. Sources were happy with the responsibilities they are given, as their duties are “pretty simple and basic with a lot of oversight from associates.” This extends firm-wide, as Paul Hastings is keen to get its more junior members involved: “You’ll get a first stab at anything that comes in. The point is, they give you a piece of what they do day-to-day so that you can see what it’s really like.”
“You’re encouraged to do your own thing. We probably differ from other firms out there in that sense. You can run processes and interact with clients without a barrier between you and them.”
When it came to credit funds, we heard the team “gives trainees a lot of agency.” The work itself requires less analysis and, in a sense, is far less legal; instead, it’s far more process and transaction driven. Trainees spoke highly of the level of autonomy given to them in the group, with one saying: “You’re encouraged to do your own thing. We probably differ from other firms out there in that sense. You can run processes and interact with clients without a barrier between you and them.” In particular, newbies spoke to us about how quickly they developed when they “were given a lot of ownership by being in charge of a fund.”
Trainee Life
Trainees were pleased to report that if they weren’t sitting near their supervisor, then they were sitting near senior associates who would give them work to ensure easy access for feedback and notes. “You work mostly the same matters as them; they’re always there and quite responsive!” one cheerfully relayed. Training sessions are less structured, with the firm taking a more learn-on-the-job approach to its training contract. An interviewee contemplated: “I think they’re trying to remedy that, but you learn through experience – and we’re all so busy that we learn fast.” That doesn’t mean development is neglected, though. New joiners at Paul Hastings are paired with both a trainee buddy and an associate mentor, the latter of which sticks with you throughout all your seats. One training session that was particularly of note was a bi-weekly meeting hosted by a trainee who discusses their previous seat and what they learned, sessions aimed to help other trainees with picking their seat options.
We heard the Bishop’s Gate office boasts “absolutely gorgeous” views from the 37th floor and you get to see them often, as trainees are expected in the office around four days a week. This was seen as a positive amongst insiders: “I like being in! You can absorb more from in-person interactions.” It’s a good job that our interviewees liked their office too, since working at a UK-based US firm tends to demand slightly more working hours than other firms in the city. The average finish time for our insiders was 7pm, but almost all had worked late into the night and during weekends – on more than one occasion. Sources didn’t shy away from this fact though, looking at the positive impact that these expectations have had on their development. “You want to work with one of the best firms in the city with the best deals and clients, and it’s no walk in the park,” one warned us, “But you come out of it being a rockstar lawyer.” And if you needed any more of an incentive, Paul Hastings offers one of the most competitive trainee salaries you’ll find in the country: “It’s silly amounts of money really,” one trainee laughed. “We’re essentially the highest in the city.”
“You want to work with one of the best firms in the city with the best deals and clients, and it’s no walk in the park; but you come out of it being a rockstar lawyer.”
The firm’s culture has slight variations depending on what seat you find yourself in, as the teams are siloed off from each other socially due to the firm being spread across three floors. That said, socials are common occurrences – from team bonding sessions and after-work drinks to the firm-wide Christmas party which took place at the Ned last year. Due to the size of the cohort, our sources spoke of their camaraderie: “We’re quite tight-knit, and the firm did quite a good job of mingling us when we first joined.”
When it comes time for qualification, the process is rather informal, requiring trainees to simply make clear the seats they’d like to qualify into with HR who will then make a case for you to the relevant partners. Trainees had a mixed response to this, with one noting that “a lot of it is self-driven. You really have to do a lot of bidding and networking beforehand.” Although, interviewees did point out that the firm encourages you to speak with partners of groups you’re interested in. “After six months, you feel more comfortable with them anyway,” a trainee detailed, “so I didn’t mind putting myself forward in that way.” For those nearing qualification, there was a palpable enthusiasm for staying at the firm, with one insider pointing out: “It’s an attractive firm to want to stay at because I know we’re expanding; it almost feels like we’re getting in at the very beginning of something!” In 2024, Paul Hastings retained five of its ten trainees.
A diverse talent Pool (Hastings)…
PH boasts a variety of access schemes to diversify the firm by bringing in under-represented talent.
Paul Hastings LLP
100 Bishopsgate,
London,
EC2N 4AG
Website www.paulhastings.com
100 Bishopsgate,
London,
EC2N 4AG
With lawyers serving clients from 21 worldwide offices, we provide a wide range of services across Europe, Asia and the US. We are client-focused professionals with a commercial mindset and a collaborative approach to delivering value in everything we do. We combine business acumen, industry knowledge and deep legal expertise. We think and act creatively and proactively to meet the needs of our clients. As well as being client-centric, we are people-centric. We value each individual and their unique perspective. Paul Hastings is not for the hierarchical or the entitled but for the inclusive, creative and entrepreneurial. We hire smart people from diverse backgrounds who are the right fit for our collegial, client-centric and future-focused culture.
Our London office focuses on corporate M&A, private equity, leveraged finance and private/credit funds. There are also opportunities to gain experience in other practice specialisms, including real estate finance, securitisation, corporate and structured finance, tax, payment systems, financial services and regulation, fintech, data privacy, employment, litigation and corporate crime.
We advise clients on matters that are of the highest value to them. We help them maximise opportunities, create and protect value, and nimbly manage risk in a dynamic, uncertain marketplace. We always play to our strengths. We don’t offer ‘products’ or ‘off-the-shelf’ solutions. Each client is unique and each challenge demands a tailored approach. We can deliver creative solutions because we are leaders in our chosen practices and industry sectors.
We pride ourselves on the strong relationship we develop with our clients. We invest time in understanding their businesses and what it takes to make them even more successful. We encourage and reward entrepreneurial flair, original thought and new ideas. Our people have the confidence, experience and expertise to question and to continually sharpen our thinking and the solutions we offer our clients. We empower our people to deliver those solutions and because of this, our teams can move mountains to provide exceptional client service.
We offer an extensive and instructive training programme for our trainees, spending six months in four practice areas with opportunities for a client secondments.
We offer a Summer Work Placement programme in July 2025. Each placement is for one week and is paid. Applications should be made via our website, and the deadline to apply is 2 March 2025.
Standard benefits to include private medical, pension, life insurance, employee assistance programme and active wellbeing plan (monthly allowance for gym/wellbeing activities).
December 2024 and open to second/third year undergraduates, and graduates. Apply from October 2024.
At Paul Hastings, we are committed to acting with integrity, valuing knowledge, and embracing diversity. We have a strong global diversity and inclusion program that focuses on recruiting, retention and development, addresses our brand and upholds our commitment to improving wellbeing of our attorneys and staff. We are committed to the professional development and career aspirations of our people. We hire great people and provide development programs to help associates reach their goals, whether a path to partnership, in-house with a client, or other organisations. Our goal is to foster an inclusive work environment where diverse perspectives and ideas are not only embraced, but are considered critical to creating innovative solutions for our clients.
Recent initiatives in the London office include hosting a Wellness week in January to promote health and wellbeing in the workplace; the introduction of our Active Wellbeing Plan benefit (offering a contribution towards employee’s choice of ongoing sport, fitness, health, and wellbeing costs); equalising and enhancing our parental leave benefit, which is now available to both birthing and non-birthing parents; and partnering with SupportLinc to offer a global Employee Assistance Program, offering practical information and counselling to all PH employees, partners, and their families.
Paul Hastings is also a proud signatory of the Mindful Business Charter, which is a set of best practices to reduce avoidable stress. The firm actively encourages all Partners and employees to keep these commitments in mind in order to promote a healthy work environment, allowing employees to perform at their best and deliver optimum client service.
This Firm's Rankings in
UK Guide, 2024
Ranked Departments
-
London (Firms)
- Banking & Finance: Lenders: Big-Ticket (Band 2)
- Corporate/M&A: £100-800 million (Band 4)
- Financial Crime: Corporates (Band 5)
- Financial Crime: Individuals (Band 3)
- Restructuring/Insolvency (Band 4)
- Tax (Band 6)
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UK-wide
- Capital Markets: CLOs (Band 1)
- Capital Markets: High-Yield Products (Band 3)
- Capital Markets: Securitisation (Band 3)
- Hotels & Leisure (Band 2)
- Infrastructure (Band 3)
- Investment Funds: Private Equity (Band 3)
- Investment Funds: Private Equity: Credit Funds Spotlight
- Real Estate Finance (Band 5)